Stock-broker service: brokerage on recognised-exchange securities subject to service tax; sub-brokers excluded after regulatory change. Service tax applies to services provided by a stock-broker in connection with sale or purchase of securities on a recognised stock exchange; statutory definitions for recognised stock exchange, securities and stock-broker (registration under SEBI rules) determine scope. Circular No. 96/7/2007 consolidates and withdraws earlier technical clarifications. A departmental communication explains that sub-brokers have been excluded from service tax coverage following regulatory changes and should not be taxed as stock-brokers or commission agents, with specific exemption notification to follow.